Brown Advisory Inc. Sells 7,316 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Brown Advisory Inc. reduced its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 16.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 37,690 shares of the technology company's stock after selling 7,316 shares during the period. Brown Advisory Inc.'s holdings in Atlassian were worth $7,998,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TEAM. Corebridge Financial Inc. raised its position in Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC raised its position in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. raised its position in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. True Wealth Design LLC raised its position in Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. Finally, Covenant Partners LLC raised its position in Atlassian by 4.2% during the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after purchasing an additional 53 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TEAM. Barclays decreased their target price on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $300.00 target price (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Mizuho cut their price target on Atlassian from $325.00 to $290.00 and set an "outperform" rating on the stock in a report on Thursday, June 12th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $285.75.

Atlassian Stock Down 6.5%

Shares of TEAM stock opened at $187.01 on Friday. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The stock's fifty day moving average price is $207.96 and its 200 day moving average price is $234.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market cap of $49.09 billion, a price-to-earnings ratio of -112.66 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the sale, the chief executive officer owned 444,570 shares in the company, valued at approximately $97,796,508.60. The trade was a 1.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70. Following the sale, the director owned 444,570 shares in the company, valued at approximately $97,796,508.60. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 417,631 shares of company stock worth $87,606,665. Company insiders own 38.55% of the company's stock.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.

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